–Senate Banking Chief Says He Has Been Working Closely With GOP
–$50 Billion Fund To Unwind Firms Is Republican Idea
–Dodd: GOP Leader Is Trying To ‘Kill Wall Street Reform’
–Sen. Corker: Sees ‘Strong, Strong, Strong Desire’ For Agreement

By John Shaw

WASHINGTON (MNI) – Senate Banking Committee Chairman Chris Dodd
returned to the Senate floor Thursday and, for the second consecutive
day, accused Republican leaders of misrepresenting the regulatory reform
package he has drafted and expects the Senate to consider “within a
matter of days.”

Dodd accused Senate Minority Leader Mitch McConnell of coming to
the Senate floor repeatedly this week and making criticisms of his bill
that are “straight out of Wall Street’s playbook.”

He said McConnell’s clear goal is to “kill Wall Street reform.”

Dodd said he was especially troubled with McConnell’s claims that
his bill would continue bailouts of big banks.

He said his bill would do the exact opposite, adding that his
decision to include a $50 billion fund to unwind failing firms was
drafted and pushed by Republican senators.

“The attacks on the Wall Street reform bill are false,” Dodd said,
adding that his plan would include “tough new requirements on Wall
Street firms.” Dodd said he has been repeatedly reaching out to
Republicans on his panel and he revised his package to address many of
their concerns.

“I’ve worked tirelessly for months” to reach out to Republicans,
Dodd said.

But Dodd said he still wants a bipartisan plan.

“As frustrated as I am, my door has never been shut,” Dodd said.

Sen. Bob Corker, a Republican on the Banking Committee, came to the
floor to debate the status of regulatory reform with Dodd.

He said many Republicans have a “strong, strong, strong desire to
reach a bipartisan agreement.”

“Most people want a good bill,” Corker said.

He urged lawmakers to “calm down” and try to reach an agreement on
regulatory reform.

The Senate Banking Committee approved Dodd’s regulatory reform bill
on March 22 on a party-line 13 to 10 vote. All Democrats supported the
bill and all Republicans opposed it.

Dodd’s legislation establishes a new independent Consumer
Protection Bureau at the Federal Reserve Board, creates a process to
liquidate failed financial firms, sets up a council of regulators to
oversee systemic risk in the economy, establishes a regulatory structure
for over-the-counter derivatives, requires hedge funds that manage over
$100 million to register with the SEC and creates a new office within
Treasury to monitor the insurance industry.

Senate Majority Leader Harry Reid has said he wants the Senate to
pass a regulatory reform bill by the end of May.

President Obama has said that financial regulatory reform is one of
his chief goals for the rest of this legislative session.

** Market News International Washington Bureau: (202) 371-2121 **

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